UTB reports profit surge

United Trust Bank has reported a 36% increase in profits before tax to £20.7m.

For the year ending 31 December 2016 the specialist bank increased its loan book by 42% to £617m, operating income rose 29% to £40.8m and customer deposits grew by 46% to £664m. Gross income was £56.3m and return on equity was 29%.

Graham Davin, United Trust Bank chief executive officer, said: “United Trust bank produced yet another outstanding set of results for the year. Our strategy of organic growth has delivered a strong performance and our lending and deposit books have both passed major milestones. Our return on equity was 29% which is class leading.

“Set against a trading environment rife with Brexit uncertainty, increasing competition and industry regulation, the management and staff have performed with great energy, skill and dedication to achieve these excellent results. I would like to thank the team, our customers and our broker partners for their valued support.

“We will continue to explore opportunities to accelerate our organic growth strategy with new product developments and by considering suitable acquisitions.”

In September 2016, the bank appointed Richard Murley as chairman to replace Nicholas Clegg who retired from the role following a successful 15-year tenure.